Penserra Capital Management LLC Sells 144,826 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Penserra Capital Management LLC lowered its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 63.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 82,763 shares of the semiconductor company’s stock after selling 144,826 shares during the period. Penserra Capital Management LLC’s holdings in Marvell Technology were worth $5,967,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Axxcess Wealth Management LLC bought a new stake in Marvell Technology during the first quarter valued at $204,000. Bayesian Capital Management LP purchased a new position in shares of Marvell Technology during the first quarter worth about $922,000. Industrial Alliance Investment Management Inc. increased its position in shares of Marvell Technology by 23.1% in the first quarter. Industrial Alliance Investment Management Inc. now owns 9,200 shares of the semiconductor company’s stock worth $652,000 after purchasing an additional 1,726 shares during the last quarter. Grandeur Peak Global Advisors LLC increased its position in shares of Marvell Technology by 3.8% in the first quarter. Grandeur Peak Global Advisors LLC now owns 57,645 shares of the semiconductor company’s stock worth $4,086,000 after purchasing an additional 2,137 shares during the last quarter. Finally, Dynasty Wealth Management LLC bought a new stake in Marvell Technology during the first quarter valued at approximately $528,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Marvell Technology

In related news, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the completion of the transaction, the insider now owns 694,487 shares of the company’s stock, valued at approximately $55,906,203.50. This trade represents a 17.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $73.87, for a total value of $110,805.00. Following the transaction, the chief financial officer now owns 111,753 shares of the company’s stock, valued at approximately $8,255,194.11. This represents a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 267,000 shares of company stock valued at $20,899,260. 0.33% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Stifel Nicolaus restated a “buy” rating and set a $95.00 price objective (up previously from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. The Goldman Sachs Group lifted their price target on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Roth Mkm reissued a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Finally, Evercore ISI upped their target price on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Three analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.77.

Marvell Technology Stock Down 0.5 %

MRVL opened at $92.51 on Monday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. Marvell Technology, Inc. has a 12-month low of $50.35 and a 12-month high of $95.09. The firm has a 50 day moving average of $80.67 and a two-hundred day moving average of $73.59.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same period last year, the company earned $0.18 earnings per share. Marvell Technology’s revenue for the quarter was down 5.1% compared to the same quarter last year. On average, equities research analysts expect that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.26%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s dividend payout ratio is currently -21.62%.

Marvell Technology Company Profile

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.